Conventional exporting strategies tend to rely mostly on global and national markets, however as globalization continues to change the international business arena and markets, larger cities have become an important actor. These “Global Cities” may be the ticket for your product or corporation’s first export initiative. As corporations have adapted and changed with globalization, so now global strategy evolves from traditional market analysis or strategies to include large hubs for international trade or potential clients. The US government creatively identifies initiatives to promote economic development through export promotion and assistance, to highlight one relevant to the topic, the Global Cities Initiative is worth taking a look at. This Exchange includes 28 US metropolitan areas engaged in a two phase planning process aimed at creating integrated export and foreign direct investment plans (Brookings, 2017). Utilizing initiatives like these where local metro government and the federal government may assist, is one way to add a competitive edge to your global strategy. GSCS will assist in identifying opportunities available to your particular firm or product.
This restructuring of the role of large metropolitan areas will give small business distinct advantages going forward. With the initiatives to bring in Foreign Direct Investment (FDI), and increase exports, small business may be able to capitalize on global as well as local partnerships for funding to establish export opportunities and increase network capabilities. Likewise, the economies of nation states will be slightly altered, granting some importance to local metropolitan areas which can narrow down the search for networking opportunities from then national to the city level. With this type of specialized market strategy, businesses can hone in on the exact contacts, markets, and opportunities that will boost their export revenue and give them competitive advantage based on specialization macroeconomic principles. This will essentially create more efficient markets in the sense that highly specialized products or services can target their specific markets at metropolitan level.
For further help or assistance with these concepts and information on how to take your corporation to the next level, contact GSCS and let us do the heavy lifting.
Also check out our Go Global Cruise where concepts like these will be expanded on, and opportunities for more one on one sessions made available to tailor your strategy for your product and service to have the highest impact globally. For only $25 you can reserve your seat today.
Brookings. (2017). Global Cities Initiative: The Exchange. Retrieved from www.brookings.edu: https://www.brookings.edu/global-cities-initiative-the-exchange/